Chime Financial (NASDAQ:CHYM) Receives Buy Rating from Canaccord Genuity Group

Canaccord Genuity Group reaffirmed their buy rating on shares of Chime Financial (NASDAQ:CHYM) in a report released on Friday,Benzinga reports. They currently have a $40.00 price objective on the stock.

CHYM has been the subject of a number of other research reports. Compass Point upgraded shares of Chime Financial from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $33.00 to $27.00 in a report on Monday, April 13th. BMO Capital Markets reduced their target price on shares of Chime Financial from $30.00 to $28.00 and set an “outperform” rating on the stock in a report on Wednesday, July 22nd. Barclays started coverage on shares of Chime Financial in a research report on Wednesday, July 8th. They issued an “overweight” rating and a $26.00 price target for the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Chime Financial in a research note on Wednesday, June 3rd. Finally, Wells Fargo & Company raised their price target on shares of Chime Financial from $25.00 to $28.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Five analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $29.19.

Chime Financial Stock Up 1.7%

Shares of CHYM opened at $22.99 on Friday. Chime Financial has a 12-month low of $15.88 and a 12-month high of $35.34. The business has a 50-day simple moving average of $19.60 and a two-hundred day simple moving average of $20.81. The stock has a market cap of $8.76 billion and a PE ratio of -3.09.

Chime Financial (NASDAQ:CHYM) last posted its earnings results on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.03 by $0.10. The firm had revenue of $647.39 million during the quarter. Chime Financial had a negative return on equity of 67.86% and a negative net margin of 41.87%.The company’s revenue was up 24.8% compared to the same quarter last year. On average, equities research analysts expect that Chime Financial will post 0.3 EPS for the current year.

Insider Activity

In related news, General Counsel Adam B. Frankel sold 3,000 shares of Chime Financial stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $17.50, for a total value of $52,500.00. Following the transaction, the general counsel directly owned 303,795 shares of the company’s stock, valued at $5,316,412.50. The trade was a 0.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 12.30% of the stock is owned by company insiders.

Institutional Trading of Chime Financial

Institutional investors have recently added to or reduced their stakes in the stock. Handelsbanken Fonder AB bought a new position in Chime Financial during the 2nd quarter worth approximately $1,358,000. Affinity Capital Advisors LLC acquired a new position in shares of Chime Financial in the 2nd quarter worth approximately $325,000. AMS Capital Ltda bought a new stake in shares of Chime Financial in the 1st quarter valued at $3,439,000. NewEdge Advisors LLC boosted its stake in shares of Chime Financial by 61.8% in the 1st quarter. NewEdge Advisors LLC now owns 28,780 shares of the company’s stock valued at $539,000 after purchasing an additional 10,997 shares during the last quarter. Finally, CTC Alternative Strategies Ltd. acquired a new stake in shares of Chime Financial during the first quarter worth $798,000.

About Chime Financial

Chime Financial is a U.S.-based financial technology company offering mobile-first banking services designed to reduce fees and simplify everyday transactions. Founded in 2013 and headquartered in San Francisco, Chime operates a digital bank platform that provides customers with a checking account, a savings account, and a debit card without monthly maintenance fees, overdraft charges, or foreign transaction fees. The company’s platform is accessible via its mobile app, enabling users to manage their finances, track spending, and access customer support from their smartphones.

At the core of Chime’s service offering is its fee-free spending account, which includes early access to direct deposit funds—up to two days before scheduled payday—and instant transaction alerts.